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Monday, 15 December 2014

Sensex, Nifty slip 1%; Hindalco falls 5%, IT outperforms

Equity benchmarks lost another 1 percent today following weakness in rupee and global growth concerns post further decline in crude oil prices. The Sensex slipped 254.48 points to 27065.08 and the Nifty fell 71.70 points to 8147.90 while the BSE Midcap and Smallcap indices shed 1 percent each.

About 469 shares have advanced, 1417 shares declined, and 56 shares are unchanged on the Bombay Stock Exchange.

Anup Bagchi of ICICI Securities feels the overall market trajectory is up with the macros improving, especially wholesale price index (WPI) coming in at zero, which is a big positive.

Not perturbed by the slowdown in technology space, he feels every dip is still a buying opportunity in this market. He expects market to add another 20-25 percent in 2015.

Aluminium major Hindalco Industries topped the selling list in Sensex, down over 5 percent as Special Court has ordered further investigations in coal scam case.

Shares of ICICI Bank, ITC, HDFC, Tata Motors, ONGC, State Bank of India, Sesa Sterlite, Dr Reddy's Labs, Axis Bank and Bharti Airtel slipped 1-3 percent.

However, technology stocks like TCS, Infosys and Wipro gained 0.4-1.3 percent as the Indian rupee breached 63 level for the first time since January 28, down 40 paise to 63.34 a dollar.

Capital goods majors Larsen & Toubro and BHEL climbed 0.4 percent and 1.3 percent, respectively after RBI issued new infrastructure and core sector project finance restructuring norms. More information please visit this site

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